It doesn’t matter whether you are a billionaire or just a normal person working 9-5 to avoid those hard times. You already know that you are spending much more than you should. And that’s when it strikes you that you should probably take on a second job to plug those holes in your pocket.

While taking that second job is great, but one thing you should know, is that you need to effectively control your expenses. Even billionaires does this to keep their net worth stable, so why can’t you do the same?

You can find advices from those personal finance writers that say, that you should cut expenses that are non-essential, such as eating out, too much partying, etc. While that advice is really good, but there is a limit after which you will hit a wall. I mean, we all have some fixed expenses.

Expenses such as:

• Rent/Mortgage
• Groceries
• Bills
• Travelling Expenses
• Personal Hygiene products, clothing, etc.

So whether you decide to move into your parents’ house, or just become a freeman. You will still feel that you really don’t need to live that sort of lifestyle.

These are the costs that are inevitable, and that your huge part of income will be going into these things, no matter what your lifestyle is. But one thing is possible, that is managing your finances in a better way. This can be done any anyone, whether they are self-employed, or traditionally employed.

Set up Automatic Billing – This is the best way to avoid those late fees that you incur just because you happen to forget that it was pending. This method will automatically deduct payments from your bank account as soon as you receive your bill. And the best part is, that some companies even give you a discount for paying those bills on time. So why not take advantage of that.

Use A Debit Card – Unlike credit cards, all the money that you withdraw from your debit card, is immediately deducted from your bank account. This means, you can only spend the money that you have in your bank account. Once that is over, you will stop getting those Washingtons from ATMs. This is better, since you will be more logical and responsible in spending money from your debit card, and avoid those interest rates.

Create A Checkbook – This is probably the best way to know where, and how you are spending money. A checkbook will give you everything you need to know about your income, and your expenses. And by the end of each month, you will know exactly what you need to spend on, and what to cut off. At first, you will find it really hard to keep track of everything, but once you get hold of it. It will become almost like a habit, and will surely improve your saving skills.

Search For Coupons – Yes, this is on the savings list. Coupons are probably the best way to save on your regular shopping products. Whether you are purchasing products online (which is better), or offline. There are companies that give out coupons to their customers to increase their sales. Look out for those, and if you don’t find one, search for one.

Making a list of these coupons, and using these during everything that you purchase, will make a huge difference in your spending by the end of the month.

Sell Stuff on Ebay – There are people who sell on eBay for their living. But you can start small, and have more money to avoid those pocket holes, and make up to your expenses. From clothes to DVDs, you can sell almost anything on eBay. And if you are having something lying around your house, that you’re not using. Then it is definitely a huge profit for you on eBay, because there are people who want those things.

Learn To Live Within Limits – This one is important, because if you don’t make limits for yourself, then you will probably end up burning yourself, or being homeless. You need to start making decisions based on your income, and if you can’t afford something, then it is better that you don’t buy it.

If you are making a big expense, such as purchasing a house or a car. Think twice, thrice or maybe 10 times about it. Make a list of the benefits that you will be having after you purchase that thing, and the difficulties that you will have to face to pay for that thing. If those difficulties outweigh the benefits, then the decision is clear; you should not purchase it.